Is it too late to invest in this space ? 

The property has space for approximately 27 units.And I have no idea how to estimate monthly operating costs.

Smart call though to space out the rent hikes a bit to keep good, paying tenants!

Lately, there has been a general increase in the adaptive reuse and redevelopment of hospitality and office space into multifamily projects. 

He had been renting space in his apartment before we bought our house and knew we wouldn't need all of the space.

I don't know how much demand you have where you are - in my market there's probably 50 renters looking for every house that comes up, so I have no problems getting a unit rented - but if you have low demand and don't like the idea of having a unit vacant even for a few days (how do you clean, paint, and do a turnover without some space between tenants?)

Hi folks I'm trying to better understand MF investing and possibly develop a strategy that makes sense if it's the right path for me.So there seems to be a sentiment in the real estate investing space that it's best to get into multi family at some point.

Square footage of rentable space also necessary, garages, utility costs.... ; a lender can help you calculate we have lots of tools that we pay for; find an appraiser who needs you to pour his coffee and pick his brain.

In order for it to work (numbers) I would have to go in and convert it to 4-6 smaller units by extending the structure a bit (space allows) and reframing to allow for multiple units.

I find it best to instead review costs based on scope category budgets 1st- ie kitchen/bath/open space/mechanicals/landscaping etc. then new construction shell scope budgets including pre-con.